Garuda Construction IPO subscription starts on 8 October 2024 and will close on 10 October 2024. Garuda Construction plans to raise around INR 264.1 crores via the IPO through a mix of fresh shares and an OFS. The price band is fixed at INR 92 – 95 per share. Garuda Construction IPO market lot has 157 shares and the minimum application amount is INR 14,915. The retail quota is 35%, QIB is 50% and NII is 15%.
Check Garuda Construction IPO subscription status here. The subscription figures are taken from BSE and NSE and are updated at regular intervals. Here you can find Garuda Construction IPO subscription status segregated by days and investor categories.
Garuda Construction IPO Subscription Status – Live Updates
| Category | QIB | NII | Retail | Total |
| Shares Offered | 60,04,862 | 41,70,000 | 97,30,000 | 1,99,04,862 |
| 10 Oct 2024 | 1.24 | 9.03 | 10.81 | 7.55 |
| 9 Oct 2024 | 0.91 | 2.58 | 6.73 | 4.10 |
| 8 Oct 2024 | 0.02 | 1.10 | 3.43 | 1.91 |
Shares allotted to anchor investors are not included in these calculations. Similarly, shares allotted to market makers, if any, are not part of these calculations.
Garuda Construction – Business Background
The company offers a broad range of civil construction services, including residential, commercial, industrial, and infrastructure projects. It provides end-to-end solutions, starting from surveys and design to final project handover. Some of Garuda’s notable projects include the Golden Chariot Vasai Hotel & Spa, completed in 2014, and the prestigious Delhi Police Headquarters, a 17-story twin-tower building covering 89,140.53 square meters, completed in 2021.
Its ongoing projects include six residential, two commercial, one industrial projects, and one Infrastructure, showcasing its ability to handle complex, large-scale developments.
Historically, Garuda Construction has focused on providing in-house construction services to its promoter group PKH Ventures and related entities. However, the company is now transitioning towards securing contracts directly from third-party developers.
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Investor Categories in Garuda Construction IPO Subscription
The three most important categories of IPO investors defined by SEBI are part of Garuda Construction IPO.
Qualified Institutional Buyers (QIB) – Examples of QIBs are Foreign Portfolio Investors (FPIs), Scheduled Commercial Banks, Mutual Funds, Venture Capital Funds, Foreign Venture Capital Investors (FVCIs), Alternative Investment Funds (AIFs), Insurance Companies, Provident Funds and Pension Funds with a minimum corpus of INR 250 million.
Generally, 50% of the offer is reserved for QIBs. Some of these are classified as anchor investors which work towards stabilizing an IPO.
Non-Institutional Investor (NII) – These are affluent investors who can invest more than INR 200,000. In other words, these are High Networth Individuals (HNIs). Generally, 15% of the offer is reserved for this category. Bids in the category need to exceed INR 200,000. Typical examples include Category III FPIs, resident Indian individuals, HUFs (in the name of Karta), companies, corporate bodies, eligible NRIs, scientific institutions, societies, and trusts.
The NII category is further divided into two – big and small – the threshold application amount being INR 10,00,000 (INR 10 lakh).
Retail Individual Investor (RII) – This category is purely meant for small investors, whose bid must not exceed INR 200,000 per person. Usually, 35% of total shares are reserved for this category in the case of a company with profitable operations. In the event of the IPO-bound company not fulfilling this criterion, only 10% of shares are reserved for retail investors.
Employee – Shares reserved for company employees are not part of the Net Offer and there may additionally be a discount on offer price to encourage employees to subscribe. Investors in the employee category may also apply under the retail category in an IPO. Therefore, this category of IPO investors has a unique advantage.
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Garuda Construction IPO Subscription Status FAQs
When will Garuda Construction IPO subscription start?
Garuda Construction IPO is open for subscription from 8 October to 10 October 2024.
How to subscribe to Garuda Construction IPO?
You can subscribe to the IPO through ASBA and non-ASBA options. To use ASBA, login to your bank account and apply for the IPO online. Alternatively, you can download the form online or obtain a physical form, then submit the completed form to your broker or bank.
When will Garuda Construction IPO be listed?
Garuda Construction IPO will be listed on 15 October 2024, at the BSE and NSE stock exchanges.
